Finance

Repression in China today is at its most severe point since the aftermath of 1989. David Wu discusses the tensions inherent in a one-party state which is struggling to aspire toward a more predictable rule of law.

This research project develops a “Money View” analysis of the recent evolution of China’s financial system.

This research project explores the process of modern (shadow) money creation in hierarchical and interconnected monetary systems. In theorizing the dynamic instability of shadow money, it provides a comparative account of the structural and institutional specifics of shadow money in the US, Eurozone and China, and the policy challenges thereof.

Recent work has highlighted the need for innovation investments to be understood through a mission oriented approach rather than a market failure one (Foray et al. 2012). However, this work has only focused on state agencies, such as DARPA, overlooking the role of public financial institutions such as state investment banks.

This research project models financial interdependencies in the form of dynamic networks and propose policy and risk measurement tools to pre-identify contagion.

This research project provides guidance to policymakers for designing policies that are able to bring economies out of recessions by identifying the best policies to fight unemployment and stabilize the business cycle while alleviating inequality.

This research project provides a better understanding of the processes that accompanied the reforms of the Austrian schilling in 1947 and the birth of the deutschmark in 1948 by merging archival sources with financial data from banks and markets and comparing the two reforms.

This research project brings together ideas from the literature on robustness in macroeconomics, network theory, and evolutionary game theory to study the way in which perceptions of safe asset status evolve among financial market participants.

This research project explores the causes and consequences of the rise of China’s shadow banks based on the Modern Money Theory and its extension on the analysis on modern financial systems.

This research project develops a theoretical framework to examine the relation between arbitrage capital and the price properties of different asset markets.

This research project combines interdisciplinary expertise with a wholly unique database on hedge funds compiled by the Foundation for Fund Governance to examine the organization and governance of the offshore hedge fund industry.

This research project employs a new theory and innovative empirical analysis as a new lens for understanding financial instability and financial crises, focusing on the Great Depression.

This research project investigates the rise of federal credit programs in the United States, leading to a better understanding of the development of federal credit programs.

This research project develops a new behavioral paradigm of heterogeneous expectations that can help explain the sources of financial and macroeconomic instability and find possible policy remedies.

This research project studies how the Basel Committee on Banking Supervision and the International Swaps and Derivatives Association operate and the factors that help shape the extent to which they are able to ensure financial stability from a public-interest standpoint.